The commitment is being split evenly between the Juniper fund, a more concentrated portfolio of higher risk contracts, and the Palmetto fund, a lower risk fund, according to staff materials for the council.

Both funds invest in the reinsurance industry. The fund aims to invest in reinsurance contracts and insurance-linked securities.

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The council, which manages the $57.3 billion Oregon Public Employees' Retirement Fund, Salem, first considered the Nephila investment at its Nov. 2 meeting but tabled the matter until its Dec. 7 meeting to give council members more time to evaluate Nephila's investment strategy.